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HomeMy Public PortalAbout19501031SCMeeting1 1 31 Savannah Beach, Tybee Island, Ga. October 31, 1950 A special meeting of Town Council was held today in the Oglethorpe Club in Savannah, Georgia, at 1 p. M. and was attend- ed by Mayor Dutton, who presided, Councilmen Smith, Lovell, peters, Meddin, Town Attorney Solms and Mr. Sam L. Varnedoe of Varnedoe, Chisholm & Co., Inc.. The meeting was called for the purpose of discussing whether or not the Town should purchase the Tybee Water Works, and if so, the amount to be paid, and the terms to be agreed upon for the issuance of revenue certificates. Mr. Varnedoe stated that since the last meeting of Council he had contacted Mr. powers of the Tybee Water Works informing him of the result of his meeting with Town Council with a view to arriving at a suitable price. After considerable discussion Councilman Lovell moved that the Mayor be authorized to negotiate the matter with the Tybee Water Works, Councilman Smith seconded and the motion passed. ( See Resolution on pg. 33) Mr. Varnedoe submitted the following offer dated October 31, 1950: Mayor Edward A. Dutton Savannah Beach, Georgia Dear Mayor Dutton: Subject to satisfactory legal opinion, we hereby agree to purchase from the Town of Savannah Beach $165,000 (One hundred and sixty-five thousand dollars) water revenue certificates to be issued by the Town of Savannah Beach under the provisions of Act Number 513 of the Laws of the General Assembly of the State of Georgia, 1937, as amended. The said certificates are to be issued by the Town of Savannah Beach for the purpose of acquiring and improving the water works system of Savannah Beach. The said certifi- cates are secured by and payable from a first lien upon the net revenues derived from the operation of the municipal water system of Savannah Beach, a municipality incorporated under the laws of Georgia. , The certificates are not secured by a mortgage on any property owned by the Town of Savannah Beach and the said municipality is not obligated to levy or pledge any taxes for the payment of the principal of or interest on said certificates. The said certificates will bear interest at the rate of 3i % payable semi - annually and will mature as follows: (See schedule below) 32 It is expressly understood that the present water rates existing at the time of issuance of these certificates shall not -be lowered so long as any of the certificates shall remain outstanding. It is understood that a Sinking Fund be created in the final resolution adopted by the Town of Savannah Beach. In consideration of the Town of Savannah Beach sell- ing to us and associates the said $165,000(One hundred sixty- five thousand dollars) water revenue certificates at par and accrued interest, we agree to: 1. Employ and pay for the services of a recognized Bond: Attorney to assist your attorney in prepar- ing the necessary papers and to pass upon thellpg - ity of the said revenue certificates. 2. To have printed and pay for the printing of said certificates and coupons. We enclose a copy of this preliminary contract for your signature signifying your acceptance of the above agree- ment. Yours very truly, Varnedoe, Chisholm & Company, Inc. By /s/ Sam L. Varnedoe President The Mayor and Council of the Town of Savannah Beach By /8/ Edward A. Dutton Mayor If not executed by January 1, 1951 this contract will be null and void. /s/ Edward A. Dutton Varnedoe Chisholm & Co., Inc. By /s/ Sam L. Varnedoe president SCHEDULE OF MATURITY DATES ON REVENUE CERTIFICATES COVERING PURCHASE OF TYBEE WATER WORKS. 165 1952 3 $8362.5o 135Oo 162 159 1953 3 3 8265.00 13700 8167.50 1 900 156 1955 9O70.0o 13100 152 1956 4 8940.00 143Oo 148 1957 3 8810.00 14500 134 1958 4 8680.00 147Oo 4 8555O.O0 149Oo 136 1959 5 94+20.O0 151Oo 131 1961 5 9257.50 153Oo 126 1962 5 9095.00 15500 121 196 5 8932.50 157Oo 116 1964 5 8770.00 15900 111 1965 5 8607.50 161Oo l06 1966 6 9445.00 163Oo ioo 1967 6 9250.00 165Oo 94 196g 6 9055.00 16700 88 1969 6 8860.00 16900 82 1970 6 8665.00 171Oo 76 1971 7 9470.00 173Oo - 69 1972 7 9242.50 17500 62 1973 7 9015.00 17700 V 1973 7 8787.50 17900 1975 7 X560.00 18100 41 1976 7 8332.50 18300 34 1977 7 8105.00 185Oo 27 1978 7 7177.50 18700 13 1979 7 7422,5© 19100 6 1981 6 6195.00 193Oo 165 $258860.00 492000 A RESOLUTION WHEREAS, an offer from the Tybee Water Works, Inc. to sell the water system located within the municipal limits of Savannah Beach, Tybee Island, to the Town of Savannah Beach, Tybee Island, for the sum of One Hundred Eighteen Thousand Seven .Hundred and Fifty ($118, 750.00) Dollars has been receiv- ed by the said mayor and Councilmen of Savannah Beach, Tybee Island; and, WHEREAS, after a thorough study;'investigation and dis- cussion of the proposed purchase by the municipality of the said water works; and, WHEREAS, certain prorations of taxes, insurance, as well as collected revenues for the fiscal year commencing May, 1950, through April, 1951, have caused considerable discussion and become a problem in the final negotiation of the proposed 33 34 purchase of said water system; NOW,, THEREFORE, BE IT. RESOLVED by the Mayor and Council- men of Savannah Beach, Tybee Island, and it is hereby resolved by authority of the same that Mayor Edward A. Dutton be authorized to meet with the officials. of Tybee Water Works, Inc. and make all necessary arrangements. for the purchase of said water works system from the Tybee Water Works, Inc. by the Town of Savannah Beach, Tybee Island, for a_ sum not to exceed One Hundred Eighteen Thousand Seven Hundred and. Fifty ($118,750.00) Dollars. Councilman Peters moved that the following Resolution be adopted, Councilman Lovell seconded and the motion passed. A RESOLUTION WHEREAS, Savannah Beach, Tybee Island,is negotiating with the Tybee Water Works., Inc. for the purchase of the water system located and servicing the residents within the municipality; and, WHEREAS, it is contemplated that, in the event of the pur- chase of said water system, certain additions, extensions and im- provements are necessary to the same; and, WHEREAS, Thomas & Hutton, Engineers, of Savannah, Georgia, have examined the physical. assets of said system; and made a thorough study and research of said system; and, • WHEREAS, it is necessary to have the Engineers draw up the necessary plans and specifications for the improvements, consisting of extensions to the water distribution system and the installation of automatic controls and fire hydrants to the same. NOW, THEREFORE, BE IT RESOLVED by the Mayor and Councilmen of the Town of Savannah Beach, Tybee Island, in Council assembled that the Mayor be and he is hereby authorized to negotiate and enter into a contract with the said firm of Thomas & Hutton, Engineers, not to exceed a cost of Four Thousand Five Hundred ($4,500.00) Dollars to supervise, construct said additions, exten- sions and improvements to said water system. There being no further business, Council adjourned, subject to the call of the Mayor. s2% Cler'./ of Council Mayor